Definitions Flashcards
Marketing
the process of developing a product and implementing a series of strategies aimed at correctly promoting, pricing and distributing the product to a core group of consumers
Standard of Living
a measure of an individual’s quality of life, partly based on what goods and services the individual can afford to buy
Strategic Role of Marketing
the ability of the business to develop goods and services that develop a long-term relationship with a specific customer based and, in so doing, generate sales and revenue for the organisation
Brand Awareness
the extent to which consumers are aware of the existence of a particular product, its features, price and possible places of purchase
Market Share
the percentage of total sales a business has compared with its competitors within a particular market
Marketing Mix
the process of developing a product that meets the needs of consumers and implementing a series of promotional, pricing and distribution strategies that will encourage consumers to purchase the product
Selling Approach
involves a business placing emphasis on strategies aimed at convincing consumers of the need to buy a product
Intermediate Markets
markets in which retail businesses purchase products that have been produced by other organisations, also known as wholesalers
Mass Market
the market where products are aimed at all consumers
Psychological Factors
the personal characteristics of individuals that influence their behaviour
Price Discrimination
a business giving preference to some retailers by providing them with stock at lower prices than are offered to the retailer’s competition
Implied Wartranty
Regardless of whether a product is carrying a warranty, a business must, by law, either refund a client’s money or offer an exchange of the good should the good be recognised to have been faulty at the time of leaving the store
Product Analysis
examines the current production position of the goods/services that a business produces in the marketplace
Product Life Cycle
the different phases that a business’s product will often go through over the course of its existence
Primary Data
information that is collected for the specific purpose for which it will be used
Secondary Data
information that already exists, having already been collected for another purpose
Sales Analysis
an examination of the sales of a particular product among different consumer groups, by sales representatives and during various times of the year
Market Share Analysis
an examination of the sales performance of a business and its comparison with that of its direct competitors
Marketing Profitability Analysis
the process of evaluating the financial and non-financial benefits that have been achieved by a specific marketing plan against the costs of implementing the plan
Market Segmentation
the process of breaking down a total market into small markets based on the similar characteristics of a customer group
Geographic Segmentation
the process of dividing a market or customer group into smaller markets based on different geographic locations, such as nations, states, or local government areas
Demographic Segmentation
the process of dividing a market into smaller markets based on customers’ age gender, income, family size or level of education
Psychological Segmentation
the process of dividing a market into smaller markets based on consumers’ lifestyles, personalities, values and interests
Behavioural Segmentation
the process of dividing a market based on people’s knowledge of, attitudes towards and use of a product
